SOLVED

 Use the table below to answer the following questions. Table 6.2.1 6) Table 6.2.1 gives the supply and demand schedules for teenage labour in Genoa City. In an unregulated market, A) there is no teenage unemployment and the wage rate is $16 per hour. B) there is no teenage unemployment and the wage rate is $15 per hour. C) teenage unemployment is 400 hours and the wage rate is $16 per hour. D) teenage unemployment is 400 hours and the wage rate is $15 per hour. E) the minimum wage is $17 per hour. 7) Table 6.2.1 gives the supply and demand schedules for teenage labour in Genoa City. Suppose the Genoa City Council sets a minimum wage of $16 per hour. Teenage unemployment is ________ hours a week. A) 800 B) 600 C) 400 D) 200 E) zero 8) Table 6.2.1 gives the supply and demand schedules for teenage labour in Genoa City. Suppose the Genoa City Council sets a minimum wage of $14 per hour. Teenage unemployment is ________ hours a week. A) 800 B) 600 C) 400 D) 200 E) zero 9) Table 6.2.1 gives the supply and demand schedules for teenage labour in Genoa City. There is a minimum wage set at $16 per hour. Suppose a new fast food restaurant opens and increases the quantity demanded of teenage labour by 400 hours per week at each wage rate. The result is A) elimination of teenage unemployment and a wage rate of $17 per hour. B) elimination of teenage unemployment, but the wage rate remains at $16 per hour. C) some teenage unemployment with the wage rate remaining at $16 per hour. D) no change in teenage unemployment because the wage rate rises to $17 per hour. E) a surplus of teenage labour. 10) Table 6.2.1 gives the supply and demand schedules for teenage labour in Genoa City. Suppose a new fast food restaurant opens and increases the quantity demanded of teenage labour by 400 hours per week at each wage rate. If the teenage labour market is unregulated, there is an increase in teenage employment to A) 1,000 hours per week and a wage of $15 per hour. B) 1,000 hours per week and a wage of $17 per hour. C) 800 hours per week and a wage of $16 per hour. D) 600 hours per week and a wage of $17 per hour. E) 400 hours per week and a wage of $17 per hour.  Â